GOLD TREND FOR JUNE 22nd (FRI)

GOLD SETTLE $ 1565.50 LOWER $ 50.30

 August Gold futures traded a mammoth $43.40 volatile range.
The fallout from the FOMC’s hesitance to inject more stimulus into U.S economy continued across the globe as investors and traders world-wide where once again disappointed in the FED’s non- committal action. Apparently FOMC Chairman Bernanke’s statement “we are prepared to do more” wasn’t enough to keep Gold bugs confident in their long positions.
There is certainly a trend forming.  Bernanke speaks and precious metals get crushed!
This trend started February 29th.  The U.S Department of Labor released last week’s Initial Jobless Claims as 387.000. This was expected to be 383,000.

TODAY LEVEL

RESISTANCE # 2…………. $1623.00
RESISTANCE # 1…………. $1595.00
PIVOT………………..…… .$1580.00
SUPPORT # 1……………....$1551.00
SUPPORT # 2……………....$1537.00

MCX

RESISTANCE # 2…………. INR 30400
RESISTANCE # 1…………. INR 30150
PIVOT……………..……… .INR 30010
SUPPORT # 1……………....INR 29770
SUPPORT # 2……………....INR 29630

Happy Trading

Rahul Kumar
Gold Analysist (Spot & Future)

Call Me : 969-0022-884